Texas, USA has launched a Bitcoin reserve program, with the first purchase of $5 million in IBIT under BlackRock.

PANews reported on November 26 that a post by the Texas Blockchain Council indicates that the state has made its first fund allocation for the Texas Strategic Bitcoin Reserve, purchasing approximately $5 million worth of the BlackRock Bitcoin Spot ETF (IBIT) last week. This transaction appears to be the first use of authorized funds under the SB 21 bill issued by Greg Abbott in June. The bill established a state-level Bitcoin reserve operated by the Texas Treasury Safekeeping Trust Company. Lee Bratcher, chairman of the Texas Blockchain Council, revealed on Twitter that this purchase took place on November 20, marking both the first fund allocation for the reserve and the first case of a state government in the U.S. purchasing Bitcoin. However, state government officials have not yet released any documents or statements to confirm this transaction. According to the latest 13F filing submitted by the Texas Treasury Trust Company, the firm holds approximately $667 million in SPY (S&P 500 ETF) and $34 million in Janus Henderson funds. If, as Lee Bratcher stated, it purchases $5 million worth of IBIT (as part of a $10 million Bitcoin allocation), it will become the third-largest holding in the portfolio.